The Daily Market Forecast

Thursday’s Results: No trades triggered.  

Quick Tip: Being Adaptable

One trait of successful traders is being adaptable to changing conditions. It’s a golden quality but not an easy one to master. The reason is that like many things, adaptability is not a black or white issue. There are all those shades of gray!

Think about your view on the market. Are you Bullish or Bearish? My answer would be “In what timeframe?” The last few days have turned me Bullish in the near term, but my view months out is still Bearish.

Being right or wrong is not the issue. We need to decide for trade direction’s sake where the momentum is leading us and trade with that edge, in the appropriate timeframe. Being adaptable will help.

Today’s Best S&P Turning Points (in fast moving markets consider a wider stop and less size):

Sell 4147.00 stop 4152.75.

Buy 4076.00 stop 4070.25.

Trade Fearlessly,

Mike Siewruk